Arctic Cat Inc. (ACAT) said its net earnings for the second quarter rose to $25 million or $1.80 per share from $21.4 million or $1.15 per share in the previous year.
Net sales for the three-month period improved 12 percent to $229 million from $204.8 million in the same quarter a year earlier.
Analysts polled by Thomson Reuters expected the company to earn $1.79 per share on revenues of $232.84 million for the quarter. Analysts' estimates typically exclude special items.
Claude Jordan, Arctic Cat's chairman and chief executive officer, commented, "We are very pleased to report record earnings and EPS on double-digit sales gains in the fiscal 2013 second quarter, on top of a strong quarter last year. We are beginning to benefit from our growth strategy to enter new market segments with innovative new products, such as our Wildcat pure sport side-by-side, while focusing on operational excellence and cost control. As a result, we continued to leverage higher sales volumes and a lower cost structure to again deliver profitability gains in the second quarter."
Going ahead, for the fiscal year ending March 31, 2013, Arctic Cat lifted its full-year sales guidance to a range of $664 million to $684 million. Assuming diluted weighted average shares of 14 million, the company now estimates that fiscal 2013 earnings per share will be in the range of $2.65 to $2.75. Previously, the company estimated fiscal 2013 earnings per share of $2.55 to $2.65 on sales of $662 million to $682 million.
Analysts expect the company to earn $2.86 per share on revenues of $683.65 million for the year.
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